Common Stock and Stock-Based Awards (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2023:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding as of December 31, 2023		14,844,112		$	9.64		5.71	$	—
Granted		7,817,641		$	1.05
Exercised		—		$	—
Forfeited		(3,537,588	)	$	7.55
Outstanding as of September 30, 2024		19,124,165		$	6.52		6.62	$	245
Vested or expected to vest as of September 30, 2024		19,124,165		$	6.52		6.62	$	245
Options exercisable as of September 30, 2024		10,066,354		$	10.10		4.90	$	—

Summary of Restricted and Performance Stock Unit Activity

The following table summarizes the Company’s RSU and PSU activity since December 31, 2023:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock units as of December 31, 2023		3,377,804		$	4.26
Granted		1,288,127		$	1.09
Vested		(1,407,615	)	$	3.64
Forfeited		(503,327	)	$	3.16
Unvested restricted stock units as of September 30, 2024		2,754,989		$	3.29

Summary of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expenses	$	2,955	$	4,744	$	9,400	$	16,326
General and administrative expenses		2,228		3,929		7,806		12,689
	$	5,183	$	8,673	$	17,206	$	29,015

Stock-based compensation expense related to discontinued operations is included in the table above and is disclosed within the financial results of discontinued operations in Note 3.